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Gold Reserve meets with Environment Ministry regarding Brisas permit

SPOKANE, WA, June 24 /CNW/ - Gold Reserve Inc. (TSX:GRZ - AMEX: GRZ)
announced that the Company was invited to a meeting held on June 18, 2008 with
the Venezuelan Ministry of Environment ("MinAmb"), led by Vice Minister of
Environmental Planning and Administration, Ing. Merly Garcia and assisted by
legal advisor Dra. Lucy Vidal. Crystallex International Corporation also
attended the meeting. According to Vice Minister Garcia, the objective of the
meeting was to inform both companies of the decision taken by the government
to reconsider the permitting process for both projects, subject to meeting
certain criteria.
Vice Minister Garcia requested the parties at the meeting to submit
individual proposals to the Ministry regarding further optimizing enhancements
to the social projects and programs in the area, enhancing the mitigation
plans from the effect of the current mine plan, and improving the mine closure
remediation plans at the end of the mine life including remediation of the
past environmental damage caused by the artisan miners who had worked in the
vicinity of the project area. Regarding the Company, she indicated that if
these issues could be resolved in an acceptable manner to the Ministry this
would enable the issuance of the full Permit to Affect. The MinAmb
representatives stated that the Company's proposal will be reviewed with the
participation of other appropriate entities of the government and asked for a
timely response so that this matter could be resolved as quickly as possible.
Doug Belanger, president of Gold Reserve, stated, "We believe it is
premature to predict the outcome of this initiative by the government.
Although we are enthusiastic with MinAmb's initiative, we are also trying to
reconcile Environmental Minister Ortega's statements related to the potential
banning of open pit mining in the Imataca Forest Reserve. The Company is also
closely following any changes in mining policies and/or the legal framework in
Venezuela as has been stated in recent years by the Ministry of Basic
Industries and Mines ("MIBAM") to determine any potential impact on the Brisas
project.
We believe the Company's sustainable development projects and programs
satisfy MinAmb's request in addition to meeting the criteria set by the
Equator Principles. The Company is currently reviewing our project remediation
plans and mine closure program in order to clarify them according to MinAmb's
suggestions."
Mr. Belanger further stated, "The Company is currently working its way
through these matters and would like to thank the twenty-one local, indigenous
and Creole communities from the KM88 area whom through the "Liaison Commission
Community- Brisas Project" have addressed our permitting issue to the
government. It has been very gratifying in this difficult time and we thank
them for their continued strong support."
On Behalf of the Board of Directors
Gold Reserve Inc.
A. Douglas Belanger, President
Certain statements included herein, including those that express
management's expectations or estimates of our future performance concerning
the Brisas Project constitute "forward-looking statements" within the meaning
of the United States Private Securities Litigation Reform Act of 1995.
Forward-looking statements are necessarily based upon a number of estimates
and assumptions that, while considered reasonable by management at this time,
are inherently subject to significant business, economic and competitive
uncertainties and contingencies. We caution that such forward-looking
statements involve known and unknown risks, uncertainties and other risks that
may cause the actual financial results, performance, or achievements of Gold
Reserve Inc. to be materially different from our estimated future results,
performance, or achievements expressed or implied by those forward-looking
statements. Numerous factors could cause actual results to differ materially
from those in the forward-looking statements, including without limitation,
concentration of operations and assets in Venezuela; corruption and uncertain
legal enforcement; requests for improper payments; regulatory, political and
economic risks associated with Venezuelan operations (including changes in
previously established legal regimes, rules or processes); the ability to
obtain or maintain the necessary permits or additional funding for the
development of the Brisas Project; in the event any key findings or
assumptions previously determined by us or our experts in conjunction with our
2005 bankable feasibility study (as updated or modified from time to time)
significantly differ or change as a result of actual results in our expected
construction and production at the Brisas Project (including capital and
operating cost estimates); risk that actual mineral reserves may vary
considerably from estimates presently made; impact of currency, metal prices
and metal production volatility; fluctuations in energy prices; changes in
proposed development plans (including technology used); our dependence upon
the abilities and continued participation of certain key employees; and risks
normally incident to the operation and development of mining properties. This
list is not exhaustive of the factors that may affect any of the Company's
forward-looking statements. Investors are cautioned not to put undue reliance
on forward-looking statements. All subsequent written and oral forward-looking
statements attributable to the Company or persons acting on its behalf are
expressly qualified in their entirety by this notice. The Company disclaims
any intent or obligation to update publicly these forward-looking statements,
whether as a result of new information, future events or otherwise.